Market Herald posts ISX

Nice piece by Market Herald by Josh Smith.

iSignthis will stop relying on Australian big banks for SWIFT transfers as of today
SWIFT is an international money-transfer system used to move funds around the worldi
Signthis create its own SWIFT platform to sever itself from big banks in light of recent anti-money launder and counter-terrorism financing issues

"As iSignthis stops SWIFT transfers from Australia, a lid will naturally be put on the cash flows from this section of its business.

"iSignthis said today's decision will bring about a softening of gross processing turnover volume (GPTV) until its system is up.

"As such, a revised earnings guidance will be released to the market next week — likely showing a downgrade as a portion of the business is shut down.

"Of course, iSignthis will still be receiving SWIFT transactions from other countries intoAustralia, just not from Australian banks outwards.

"Of course, with its court case on the way, iSignthis' shares are still locked up by the ASX. As such, it is not certain how the market will respond to today's news."